Azure Blob Storage Cold Tier was generally available since Aug 10th, 2023. It is a new online access tier that is the most cost-effective Azure Blob offering for storing infrequently accessed data with long-term retention requirements, while providing instant access.
With Blob Batch operations, you can change tier of massive blobs to or from a blob access tier with optimal performance. It now supports the tiering operations for cold tier.
Refer to the documentation for additional details.